A sharp correction in the domestic market and the currency has seen India slip one position on the league table of world market capitalisation. India now ranks 10th, with a market capitalisation of $1.33 trillion.
The country’s benchmark indices are down 6.5 per cent and 8.5 per cent in local currency and dollar terms, respectively, so far this year.
The rankings of the rest of the countries in top 10 have remained unchanged, with the US at the top, with a market capitalisation of $21.2 trillion.
The world’s largest economy’s share in world capitalisation has improved, as its market hasn’t fallen as much as others’.
Also, the dollar has strengthened against most currencies in the ongoing market fall.
The rout this year has shaved off a whopping $7.7 trillion from world market capitalisation, which now stands at less than $57 trillion.
Image: A stock trader at work. Photograph: Reuters
